The deal was announced on Friday and will include the sale of both Romaltyn Mining and Romaltyn Exploration. As part of the contract, Polyus will hand over control of Romaltyn Mining’s gold processing plant in Baia Mare, that, although not currently in operation, has an annual capacity of 2.5 million tons of ore. The deal also includes Romaltyn Exploration, which owns a number of exploration licenses, according to Gold.1Prime.biz.
The deal is expected to be completed by June and was negotiated by a British Virgin Islands incorporated holding company associated with SAT & Company and Polyus’s Isle of Man holding company Romaltyn Limited.
SAT & Company is a diversified metallurgical company based in Kazakhstan. The company currently operates manganese, nickel and chrome ferroalloy plants, and is controlled by Kazakh businessman Kenes Rakisev.
Polyus Gold is Russia’s largest producer of gold and operates gold mining operations across Russia. The company is controlled by Russian tycoon Mikhail Prokhorov.